Comment

Comment by Sharon L. Ellsworth on October 6, 2012 at 10:23am

No.  It's that she doesn't have proof that the income has ended.  She was only getting paid quarterly and another payment wouldn't be due for 3 months.  Right now tax returns & bank statements would show the retirement income. 

 

Comment by Kelly W. Maynard on October 6, 2012 at 9:42am

So it is proof of the retirement income ending that you are wanting to submit to the bank so that it strengthens her hardship, and she won't do it?

Comment by Thom Colby CA Brkr 888-391-5245 on October 6, 2012 at 4:25am

@Sharon - Never unless the borrower filed BK - then, the lender does not require documents.

Comment by Sharon L. Ellsworth on October 6, 2012 at 4:18am

That's what I have told the seller.  Her retirement income has just ended and won't show on tax returns or bank statements for several months because she was paid quarterly.  We do have a buyer with an offer and the property is only underwater about 30,000- 40,000.

Comment by Kelly W. Maynard on October 6, 2012 at 3:55am

Personally, I have never had a client not supply all the needed documentation.  From experience, I would say your chances of successfully closing on a short sale with out the needed and requested docs, are slim to none.

Comment by Sharon L. Ellsworth on October 6, 2012 at 3:49am

I agree with Cricket, find out where they sent it and go direct to them.

On another note.....has anyone had any success getting a short sale approved without the Seller providing all of the documentation, bank statements or tax returns??????

Comment by Cricket Yee on October 5, 2012 at 9:50am

Hi Karen, the first thing I would do is find out where it went. Something similar happened to me a couple times. Both times Real Time Resolutions got it. The first time, my client was able to get a settlement letter directly from RTR and we closed with it. That was painless. The second time, I made a mistake and pursued it with their short sale dept . They told me I would have to submit the same paperwork on both so I thought I'd go legit. It ended up delaying almost 2 months because they couldn't find the file in the system. Chase was somewhat understanding until I got re-assigned a negotiator and she was not so friendly. But we got it done!!

Comment by Karen Summers on October 5, 2012 at 9:35am

I have a short sale with approval from the 1st CitiMortgage and it must close Oct 29 or the file will be closed.  Reason for short time is buyer walked and this is a substitute buyer agreeing to same terms.  Chase is the 2nd and issued an approval letter back in Aug prior to us getting an approval letter from the 1st, it expired Sept 9th.  I called Chase on Sept 5 explaining the delay and I was told no problem, Chase would put the file in suspense and for me to give them a call when I got the 1st approval and Chase would give me an updated letter.  I called Chase on Sept 26th to get a new approval letter and I was told oops it went to the Recovery Department.  Need HELP, who has experience with this situation? 

Comment by Suzanne Kensington on October 2, 2012 at 6:57am

Oh no, Chase decided to start working through Equator.  Rolled out yesterday.  No one seems to know what they are doing on it yet.  I just spent 20 minutes explaining how Equator works to the short sale supervisor.  She said all of her calls today have been on this issue and files not getting assigned to negotiators because of it.  They have a backup team trying to help them get caught up.

Comment by SE Davis on September 26, 2012 at 9:10am

Brooks Blaskower;

I've faxed Chase a dozen LOA's this year and never had a single problem.

Try using a different fax maxchine on your end.

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